Eligibility Criteria for Property Mortgage Loan:
- Individuals who are resident of India.
- NRIs holding an Indian passport.
- Minimum age Limit: 21 years.
- Income:
Resident Indian:- Salaried Persons: Minimum gross monthly salary ₹10,000/-
- Others: Minimum Annual gross income ₹1,20,000/-
NRIs:
- Salaried Person: Minimum gross monthly salary ₹1 lakh.
- Others: Minimum Annual gross income of ₹12 lakh.
Purpose of Property Mortgage Loan:
- For meeting business/professional needs, House repair, House renovation, development of property and also for consumption purpose.
- In case of NRIs, the purpose should be as permitted under FEMA guidelines.
Amount of Finance:
- Three times of the average annual income of last two years/36 times of the latest take home salary/50% of the market value of the property.
- Subjected to a minimum of ₹10 lakh and maximum of ₹500 lakh.
Maximum period of Loan:
- Up to 120 months.
Security for Property Mortgage Loan:
- Mortgage of properties.
- Guarantee of the spouse wherever feasible in the absence of which third party solvent guarantor
Repayment of Property Loan:
- General: In equal / equated monthly installments (EMIs).
- Agriculturist: Yearly basis including yearly interest.
Margin of Property Loan:
- Up to 67%
Rate of Interest for Loan Against Property:
- View Latest Rate of Interest
- View Service Charges.
- Upfront charges will be collected (wherever applicable) towards legal, valuation, BIR etc.
The above information is subject to terms and conditions.For more details, please contact the nearest Branch
